- Mt. Gox moved over 44,500 BTC worth $2.8 billion to internal wallets.
- The BTC price dropped slightly after the transfer, falling to around $62,835.
According to on-chain data, a wallet connected to Mt. Gox just moved $2.8 billion worth of Bitcoin.
Bitcoin prices look set to continue their upward trend following last weekend’s assassination attempt on Donald Trump, with a massive amount of trading taking place.
Mt.Gox Transfers Over $2.8 Billion in BTC
On Tuesday, Lookonchain shared details about a large BTC transfer.
Citing data tracked by blockchain analytics firm Arkham, the platform said the transfer came from a wallet belonging to the now-defunct cryptocurrency exchange Mt. Gox.
The Mt. Gox wallet in question moved 44,500 BTC, worth $2.84 billion, to internal wallets, with the market speculating that the exchange’s custodian may be preparing for a redemption round following an announcement in late May.
Mt. Gox moved 47,000 bitcoin last month ahead of its expected redemption date this July. As before, Tuesday’s transfers sent the BTC price down slightly above $63,000.
Bitfinex analysts said in a report on Monday that positive news will continue to guide BTC movements, but the threat of new selling pressure remains. Mt. Gox, which currently holds 138,985 BTC worth over $8.8 billion, is likely one source of this anticipated downward pressure.
“Overall crypto asset prices in the current period have been driven more by the news calendar than fundamentals. Concerns about selling pressure have not completely gone away, and Mt. Gox bondholders are also due to receive their BTC payments in the coming weeks. We expect these headlines to have some impact on prices before full pricing in the situation is achieved,” Bitfinex analysts wrote in their weekly report.
Bitcoin is currently trading around $62,835.